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STORY: Russian President Vladimir Putin arrived in the South African city of Durban for the fifth annual BRICS summit on Tuesday (March 26), the first time the leaders of Brazil, Russia, India, China and South Africa have met in Africa.
The main objective of the summit is to establish a development bank to balance the influence of the World Bank and IMF, as well as creating a joint foreign exchange reserve.
South African President Jacob Zuma signed bilateral agreements with his Russian counterparts. The trade agreements between the two countries included agriculture, mining and an arms deal.
The BRICS countries make up 21 percent of global GDP and are home to 43 per cent of the world's population. They have increased their share of global GDP threefold in the past 15 years.
